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A Brief Historical Review
DISCRIMINANT ANALYSIS OF EXPECTATIONS
9 other sections not shown
9 TT arithmetic mean assumptions book value business risk capital expenditures classification results CM CM CM H CM rH CM ro Company Compustat computed counting numbers discriminant analysis Discriminant Function Estimates discussed Drug Oil Utility DRUG Stability Test earnings per share economic period examined expectational groups Financial Analysts Journal firms geometric mean growth Group Statistics H CM H H H H rH H ro high group holdout included indicate influential set investment investors Journal of Finance Keynes Kisor low group multiple discriminant analysis null hypothesis oil industry OIL Stability Test operating earnings payout PBV groups period function Price Earnings Ratio problem Rank Correlations ratio realized growth recession period return on equity return to risk rH CM rH H risk classes ro CM ro H sample subperiod Table tations three year geometric tion trend measures TT 9 univariate valuation models variance